As previously advised1, Manuka is executing its development plan to restart production from its 100% owned Mt Boppy gold mine (“Mt Boppy”) located in the Cobar Basin, NSW. The development plan includes a fit-for-purpose low capex processing facility at Mt Boppy to produce gold doré.
In parallel with development works at Mt Boppy, Manuka is advancing a process to refinance the TransAsia debt facility, which has yielded proposals from multiple parties. The extension will facilitate completion of the refinancing process and align this with the restart of Mt Boppy.
Manuka’s Executive Chairman, Dennis Karp, commented:
“Once again, we wish to note our appreciation of the ongoing support provided by TransAsia. They have been an outstanding financing partner for Manuka from 2019 and continue to provide us with the flexibility to ensure a positive outcome for the Company and its growth strategy.”
Over the coming months, the Company anticipates:
1. releasing an updated production forecast for the Mt Boppy gold project
2. completion of the refinancing of the TransAsia debt facility
3. recommencement of mining operations at Mt Boppy; and
4. releasing of a restart feasibility study and Ore Reserve for Wonawinta.
Furthermore, the Company is awaiting feedback on its application to the New Zealand Government with respect to the inclusion of the Taranaki vanadium-titanomagnetite iron sands project (“Taranaki VTM Project”) in the Fast Track Consenting approvals list. Subject to final approvals, the Company will use cashflows from Mt Boppy and Wonawinta to advance the world-class Taranaki VTM Project through a Bankable Feasibility Study and toward an investment decision. Vanadium and titanium have both been included in the NZ Government’s recently released draft Critical Minerals List2.
BurnVoir Corporate Finance are acting as Financial Advisors to the Company.
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